Datatec has formed an accumulation trading range (TR) and backed up (BU) to the TR after the breakout. Today there was a breakout of the BU Trading Range. The markup in Phase E can now be expected and potentially could close the gap formed in January 2018.
Komentarz
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We have seen a consolidation at the yearly pivot point with declining volume and divergence in the RSI. A break of the pivot point could result in a good move higher but a break of the advancing trend channel will cancel this idea.
Komentarz
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Well, it was a break of the channel and 50DayMA.
Komentarz
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A spring and break above the yearly pivot point with volume could indicate that this was reaccumulation.
Remember that Datatec sold off Westcon and that gap represents a R5 bil special dividend payout to shareholders. That gap will probably remain for many years to come, but the chart still looking bullish.
SteynTrade
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@KoosKanmar, Thanks I will keep it in mind and reduce my expectation.